Dynamic linkages between tourism, economic growth, trade, energy demand and carbon emission: evidence from EU

Future Business Journal

Table 5 Long-run estimates

Variables	Spec 1 PMG	Spec 2 MG	Spec 3 PMG	Spec 4 MG	Spec 5 MG
Variables	ln CO₂	ln exp	ln gdp	ln Energy	ln trade
ln CO₂		− 3.235	− 0.116	0.524***	− 1.565***
ln Tex				0.0293
ln gdp	0.159**	− 2.209		0.232**	1.245***
ln Energy	1.388***	6.189	0.711***		1.957*
ln trade	− 0.410***	0.272	0.285***	0.0903
C	− 2.140**	− 2.816	0.697***	4.577***	− 13.42*
observation	228	228	228	228	228
Hausman test	5.91 (0.2063)	1026** (0.0363)	2.45 (0.652)	11.99** (0.0174)	13.36*** (0.0096)

The level of significance is indicated by 1%, 5%, 10& for *, **,***ARDL (PMG & MG) models selected on SC Schwarz information criterion, k = 1